MK vets Bank call not adding up
On Monday July 1, the ANC military veterans marched to Luthuli House to demand, among other things, that the ANC implements its Nasrec conference resolutions.
This is fair enough as all organisations are expected to do the same when coming from conferences. However, there seems to be something odd about their call.
Their main focus revolved around the land question and the nationalisation of the SA Reserve Bank .
It is not clear if the nationalisation of the bank will solve anything. What is critical when it comes to the Reserve Bank is not the ownership per se, it is its mandate that must be reviewed if this call is to have meaning. Changing ownership might mean buying people out but the mandate is still the same.
I hope the military veterans do not call for what Ace Magashule is advocating, which is qualitative easing.
This is not the best solution possible because it is bound to take us down the Zimbabwe route where we will have to print more money to solve our fiscal crisis. I wonder if they have even thought about this because it is one of the reasons why our neighbours in the north are in such a mess.
The worst-case scenario is for these veterans to be used by factions within the ANC to try to push the president out of office before he finishes his term.
This is going to be a disaster for the ANC as we expect Cyril Ramaphosa to clean up the mess left by his predecessor, Jacob Zuma. That mess will take some time to be cleaned.
For now let's support the president and his troops because in him we have a little hope.
Tom Mhlanga, Braamfontein